Thornburg Investment Management Inc. Has $6.89 Million Stake in PJT Partners Inc. (NYSE:PJT)

Key Points

• Thornburg Investment Management Inc. lowered its stake in PJT Partners by 25.2%, owning 49,933 shares after selling 16,791 shares, worth approximately $6.88 million.
• Several hedge funds have recently adjusted their positions in PJT Partners, with 89.23% of the stock being held by institutional investors.
• Analysts have mixed opinions on the stock, with a consensus rating of "Hold" and an average target price of $164.00, while Keefe, Bruyette & Woods raised their price objective significantly from $161 to $199.

Thornburg Investment Management Inc. reduced its stake in PJT Partners Inc. (NYSE:PJT - Free Report) by 25.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 49,933 shares of the financial services provider's stock after selling 16,791 shares during the quarter. Thornburg Investment Management Inc. owned approximately 0.21% of PJT Partners worth $6,885,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc bought a new stake in PJT Partners during the 1st quarter valued at approximately $30,000. CIBC Private Wealth Group LLC boosted its stake in PJT Partners by 112.3% during the 4th quarter. CIBC Private Wealth Group LLC now owns 276 shares of the financial services provider's stock valued at $44,000 after purchasing an additional 146 shares during the period. Opal Wealth Advisors LLC bought a new stake in PJT Partners during the 1st quarter valued at approximately $39,000. Morse Asset Management Inc boosted its stake in PJT Partners by 1,640.0% during the 1st quarter. Morse Asset Management Inc now owns 435 shares of the financial services provider's stock valued at $60,000 after purchasing an additional 410 shares during the period. Finally, GAMMA Investing LLC boosted its stake in PJT Partners by 33.4% during the 1st quarter. GAMMA Investing LLC now owns 595 shares of the financial services provider's stock valued at $82,000 after purchasing an additional 149 shares during the period. 89.23% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, General Counsel David Adam Travin sold 2,288 shares of the stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $178.06, for a total value of $407,401.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kievdi Don Cornwell sold 10,403 shares of the stock in a transaction that occurred on Friday, May 30th. The stock was sold at an average price of $150.29, for a total value of $1,563,466.87. Following the completion of the transaction, the director directly owned 8,847 shares of the company's stock, valued at approximately $1,329,615.63. The trade was a 54.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 22,288 shares of company stock valued at $3,420,783. 11.75% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Keefe, Bruyette & Woods increased their target price on PJT Partners from $161.00 to $199.00 and gave the company a "market perform" rating in a research note on Monday, July 14th. Wolfe Research restated an "underperform" rating on shares of PJT Partners in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $174.67.

PJT Partners Stock Up 0.3%

Shares of PJT stock traded up $0.47 during mid-day trading on Friday, reaching $179.09. The stock had a trading volume of 314,089 shares, compared to its average volume of 276,536. The firm's 50 day simple moving average is $165.43 and its 200 day simple moving average is $155.01. PJT Partners Inc. has a one year low of $116.06 and a one year high of $190.27. The firm has a market cap of $4.38 billion, a PE ratio of 30.77 and a beta of 0.77.

PJT Partners (NYSE:PJT - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $1.54 EPS for the quarter, topping analysts' consensus estimates of $1.36 by $0.18. PJT Partners had a return on equity of 25.47% and a net margin of 10.45%. The company had revenue of $731.09 billion during the quarter, compared to the consensus estimate of $343.11 million. During the same quarter last year, the company earned $1.19 EPS. The company's quarterly revenue was up 13.0% on a year-over-year basis. Sell-side analysts forecast that PJT Partners Inc. will post 6.2 earnings per share for the current fiscal year.

PJT Partners Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Stockholders of record on Wednesday, September 3rd will be issued a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.6%. PJT Partners's dividend payout ratio is presently 17.18%.

PJT Partners Company Profile

PJT Partners Inc, an investment bank, provides various strategic and capital markets advisory, restructuring and special situations, and shareholder advisory services to corporations, financial sponsors, institutional investors, and governments worldwide. It offers advisory services to clients on various transactions, including mergers and acquisitions (M&A), spin-offs, activism defense, contested M&A, joint ventures, minority investments, and divestitures.